April 24, 2017 / 10:49 AM / 8 months ago

PPG raises proposed bid for Akzo Nobel to $28.8 bln

AMSTERDAM, April 24 (Reuters) - PPG Industries, the U.S. paintmaker that is pursuing a takeover of Dutch peer Akzo Nobel, on Monday increased its proposed offer to 26.9 billion euros ($28.8 billion) in cash and shares, from around 24.6 billion euros.

The move comes one day before Akzo, which has declined two previous overtures from PPG, is due to face a group of unhappy shareholders at its annual meeting.

The shareholders, led by hedge fund Elliott Advisors, say Akzo should at least open exploratory talks with PPG to more closely examine their proposal.

PPG said its bid represented an increased price of 96.75 euros, including dividend, per AkzoNobel share -- comprised of 61.50 euros in cash and 0.357 shares of PPG common stock. (Reporting by Toby Sterling; Editing by Keith Weir/Jason Neely)

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